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Computing and power products manufacturer Solid State reported an 11% fall in first-half profit, citing higher acquisition and share-based payment costs, though its underlying earnings improved.
Pre-tax profit for the six months through September decreased to £2.11 million, down from £2.37 million year-on-year.
Revenue climbed 19% to £39.4 million and adjusted pre-tax profit jumped 28% to £3.3 million.
Solid State declared an interim dividend of 6.25p, up 19% year-on-year.
'Our half-year results are particularly pleasing given the widely reported challenges in the global supply chain and more local pressures in staffing and the foreign exchange headwinds at a revenue level,' chairman Nigel Rogers said.
'The successful acquisition programme has added resilience and opened up opportunities to grow the business in targeted regions and industry sectors.'
'We continue to see acquisitions as a pillar of our growth strategy.'
"Group-wide we have worked closely with customers and suppliers in response to the rebound in the economy.'
'This is evident in the order flow and the strong open order book, which gives the board confidence in meeting expectations1 for the full year.'